The latest report from real estate consultancy firm Knight Frank Thailand has revealed the areas of Hua Hin which were most popular with condo buyers in 2021.
According to the report, Khao Takiab, followed by Kao Tao and Hua Hin were the areas where most condos were sold in the second half of 2021.
Condominiums in Khao Takiab had the highest sales rate at 96 percent, closely followed by Khao Tao and in land areas, where the sales rate of 95 percent and 90, respectively.
Meanwhile, the sales rate in Hua Hin and Cha Am were 83 percent and 60 percent, respectively.
Cha Am was found to have the highest number of units left for sale at 6,468, which accounted for approximately 40 percent of the total remaining supply.
The report said that at present there is virtually no seafront land in the Hua Hin area is available for development.
The only remaining seafront land is suitable for project development is in the Cha-Am area, which remains less popular with buyers than Hua Hin.
In-land areas should interest investors
The report said that there are still a lot of in-land mountain areas that are available for development in Hua Hin – which should be of interest to investors because it is located in the downtown area of Hua Hin and is popular amongst foreigners.
The average asking price for sea view condominiums in this area is approximately 141,670 baht/square meter.
Sales prices have increased by 2% from the first half of 2021, with new sea view projects having average selling prices per room of 250,000 baht/square meter.
The average asking price of condominiums with no sea views in this area is around 70,700 baht/square meter.
Overall, the report found that the outlook for the condo market in Hua Hin remains stable and is expected to improve as the COVID-19 situation improves.
The report said that seafront condos, where there are relatively few units available, are expected to increase in price. However, in areas such as Cha Am, it be some time yet before the unsold units are purchased.
The report highlighted the popularity of the region amongst condo buyers in Bangkok who see the region as a more preferable location to see out the pandemic than the Thai capital.
